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: the UK and Europe. We are not proactive in targeting the Asian market. However, we do have some engagements with clients in the Asia-pacific region. Theses are small, though. And we will selectively and opportunistically focus on them. But in terms of building up a sales forces and targeting clients, we think the market opportunity in the US and the UK is so huge that we should focus there at the present.
Aviva is reported to contribute 30% of EXL’s revenues. How are you dealing with their exit?
With Aviva we have two contracts. One is a five-year outsourcing contract, which is a third party contract. The second contract is structured as a BOT (Build-own-transfer) contract. For the BOT contract, the earliest that Aviva can give us notice is January 2008. We don’t know when and what their decision is going to be and Aviva will let us know over the next few months as to what they want to do on that. But even if they do exit, it affects 15% of our revenues. Since we are growing at 40%, we will still continue to grow , but may be at a much slower rate.
There has been a lot of talk about giving a separate industry status to the BPO industry. Is it desirable?
There are a number of common factors between the BPO industry and the IT services industry. At the end of the day both of these are IT-enabled services. They involve exports, create employment and leverage the talent and skill set of employees. At the same time, there are some differences too. The IT services industry is far more mature and has been there for a much longer time. It operates principally during India day time hours, and works on a project basis while the BPO industry is young, works on a real time basis and during late night shifts. So there are merits and demerits. Though some level of autonomy and independence for the BPO industry will be good, there is merit in having a combined front with the IT industry to address the issues and take on challenges....
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